Israel firm Coralogix to invest USD 10 mn in Delhi cybersecurity unit Snowbit

Israel-based technology start-up Coralogix is launching cybersecurity unit Snowbit in Delhi-NCR and will invest USD 10 million in the first phase of operations.

Snowbit, which is a SaaS-based cybersecurity unit that enables cloud-native companies across domains to comprehensively monitor and address cybersecurity risks, has already hired 15 persons and will add 35 more by the end of the first year of operations, Navdeep Manaktala, co-founder of Snowbit and president of Coralogix, said.

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"We will be investing USD 10 million in the Delhi unit, and will have a 50-people team by the end of the year," Manaktala told PTI on Wednesday.

He said the Delhi centre will be the global operations centre for Snowbit and India will be its focus market.

In July 2021, parent Coralogix, which provides observability that forms the bedrock of cybersecurity, had raised USD 55 million in a Series-C funding round and the India investment will be pooled in from this funding round, he added.

Snowbit's SaaS platform and expert services will enable companies to proactively monitor their entire cloud environment's security and compliance.

At the later stage, Snowbit will have a 24x7 global security resource centre comprising security analysts, security researchers and threat hunting professionals in the Delhi office.